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Accounting

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  • The way that most people do something.
    Accepted practice
  • GAAP
    Generally Accepted Accounting Principle
  • The rules and regulations which state how accountants operate in a particular place.
    Local accounting standards
  • For example, Australia, the U.K, the U.S.A
    English-speaking country
  • What's standard? Items are recorded when the income and expense arises, not depend on movement of cash.
    The consistency principle
    The matching principle
    The going concern principle
    The prudence principle
  • IASC
    International Accounting Standards Committee
  • A firm that sells its share to anyone who wants to buy them.
    Publicly-traded company
  • IFRS
    International Financial Reporting Standards
  • What's standard? When preparing accounts, one must assume that the company will still be viable in the years to come
    The going concern principle
    The consistency principle
    The matching principle
    The prudence principle
  • IAS
    International Accounting Standards
  • What's standard? recognizing expenses immediately, and not recognizing income until it is reasonably certain
    The prudence principle
    The going concern principle
    The consistency principle
    The matching principle
  • What's standard? Accounts should be produced using the same principles from one year to the next year
    The matching principle
    The going concern principle
    The consistency principle
    The prudence principle
  • People or groups who are not involved with the company
    Outside parties
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